We all know what sort of plans does Lowe’s offer to its employees and staff. Yet again they are back with one of the plan that will help its employees to plan and invest for their future. Lowe’s has named this plan as 401(k). For the new employees and staff members, they can participate in this plan only after six months from their date of hiring. Like I have mentioned already, this plan provides employees an opportunity to save for their future. Hence one can have a financial freedom for holidays and also after the retirement, this plan will help you to the core.
How Much Can You Invest in 401(k) Plan?
The myloweslife company itself deducts money with Payroll deduction method. This is a pre-tax basis, hence there is not much pressure on you. One can Invest according to the below information:
- 1% to 50% of your eligible benefits
- Up to $18,000 in the calendar year
Investment Options: Lowe’s company offers streamline financing options. Such as the below options.
- Target Date Funds
- Professionally Managed Funds
- Stock Fund.
As you can see, you can select any of the above Investment options. You can even own a part Lowe’s Company with the help of “Stock Fund”.
Lowe’s Company also offers an additional $6,000 plan if you are 50 or older employee in the Company. This plan is popularly known as Catch-Up Contribution.
- One only have to decide the amount. While all the contributions are made directly from your paycheck.
- One need’s not to pay federal taxes on their contributions. They only have to pay taxes while withdrawing their funds.
- One can pick any flexible investment options.
- The best thing is to Invest now and you can save for your retirement.
- Investments are secure. One of the biggest advantages is that the Contributions will not cancel even though you leave the job.
Spending Accounts: Being an employee of Lowe’s Company, you can easily pay for healthcare and dependent care expenses with the following:
Health Savings Account (HSA):
- To cover medical bills like vision, dental or pharmacy expenses, you should enroll in the HDHP medical plan.
- For employee-only coverage and also for family medical coverage, you have to contribute $3,350 and $6,750 respectively.
- If an employee is 55 and above in age, then he/she can give an additional $1,000.
- One should Use only HSA debit card to make the eligible payments.
- One has to pay taxes and fines if they withdraw their money from the other accounts which are not for healthcare costs.
- Lowes Portal is also offering another way of payment. One can pay their bill out of pocket. The only thing that you have to do is to fill an online form for reimbursement.
Healthcare Flexible Spending Account: Flexible Spending Account helps for covering healthcare costs. For this, you have to save some portion of your yearly pay. While you have to keep in mind that your domestic partner or children don’t enjoy this plan. They can enjoy this plan only if they are your authorized dependent under the state law.
Dependent Care Flexible Spending Account: You can save some part of your income to pay for dependent care expenses. This dependent care money you can use for qualified children day care or school programs etc. Or you can use them for Eldercare expenses.
That’s it regarding Lowe’s Employee 401(K) Plan & Spending Accounts Benefits. While we have tried our best in procuring all the essential information that you might need to get a plan for yourself. Furthermore, there are more such plans in Lowe’s Company. While all you need to do is to explore more.